ICI: MMF Assets Dip But Still $5.7T
ICI's latest weekly "Money Market Fund Assets" report shows MMF assets inching lower after breaking the $5.7 trillion level last week. ICI's weekly asset series dipped to $5.706 trillion, just $2 billion below the record $5.708 trillion level. Assets are up by $972 billion, or 20.5%, year-to-date in 2023, with Institutional MMFs up $478 billion, or 15.6% and Retail MMFs up $494 billion, or 29.4%. Over the past 52 weeks, money funds have risen a massive $1.118 trillion, or 24.4%, with Retail MMFs rising by $617 billion (39.7%) and Inst MMFs rising by $501 billion (16.5%). The release says, "Total money market fund assets decreased by $1.57 billion to $5.71 trillion for the week ended Wednesday, October 11, the Investment Company Institute reported. Among taxable money market funds, government funds decreased by $7.29 billion and prime funds increased by $6.52 billion. Tax-exempt money market funds decreased by $797 million." ICI's stats show Institutional MMFs falling $13.1 billion and Retail MMFs rising $11.5 billion in the latest week. Total Government MMF assets, including Treasury funds, were $4.681 trillion (82.0% of all money funds), while Total Prime MMFs were $906.4 billion (15.9%). Tax Exempt MMFs totaled $119.5 billion (2.1%). ICI explains, "Assets of retail money market funds increased by $11.52 billion to $2.17 trillion. Among retail funds, government money market fund assets increased by $5.46 billion to $1.42 trillion, prime money market fund assets increased by $6.39 billion to $641.46 billion, and tax-exempt fund assets decreased by $331 million to $108.15 billion." Retail assets account for over a third of total assets, or 38.1%, and Government Retail assets make up 65.5% of all Retail MMFs. They add, "Assets of institutional money market funds decreased by $13.08 billion to $3.53 trillion. Among institutional funds, government money market fund assets decreased by $12.75 billion to $3.26 trillion, prime money market fund assets increased by $131 million to $264.93 billion, and tax-exempt fund assets decreased by $467 million to $11.39 billion." Institutional assets accounted for 61.9% of all MMF assets, with Government Institutional assets making up 92.2% of all Institutional MMF totals. According to Crane Data's separate Money Fund Intelligence Daily series, money fund assets broke the $6.1 trillion level and hit a record $6.113 trillion last Thursday, Oct. 5, before easing back to $6.087 trillion Wednesday (10/11). Assets have risen by $13.7 billion in October through 10/11 after rising by $93.9 billion in Sept., $98.3 billion in August and $34.7 billion in July. Note that ICI's asset totals don't include a number of funds tracked by the SEC and Crane Data, so they're over $400 billion lower than Crane's asset series.
